Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Statements of Parent Company [Abstract]

Balance Sheets

Financial information pertaining to Old Point Financial Corporation (parent company only) is as follows:

	December 31,
Balance Sheets	2017			2016
	(in thousands)
Assets
Cash and cash equivalents	$	2,622		$	2,366
Securities available-for-sale		197			164
Investment in common stock of subsidiaries		93,533			91,437
Other assets		54			31
Total assets	$	96,406		$	93,998
Liabilities and Stockholders' Equity
Note payable - subsidiary	$	18		$	8
Common stock		25,087			24,806
Additional paid-in capital		17,270			16,427
Retained earnings		54,738			56,965
Accumulated other comprehensive loss		(707	)		(4,208	)
Total liabilities and stockholders' equity	$	96,406		$	93,998

Statements of Income

	Years Ended December 31,
Statements of Income	2017			2016			2015
	(in thousands)
Income:
Dividends from subsidiaries	$	2,050		$	2,900		$	2,900
Other income		200			200			200
Total income		2,250			3,100			3,100
Expenses:
Salaries and benefits		445			406			432
Legal expenses		285			774			180
Service fees		210			166			137
Other operating expenses		316			55			19
Total expenses		1,256			1,401			768
Income before income taxes and equity in undistributed net income (loss) of subsidiaries		994			1,699			2,332
Income tax benefit		(360	)		(408	)		(193	)
		1,354			2,107			2,525
Equity in undistributed net income (loss) of subsidiaries		(1,383	)		1,690			1,109
Net income (loss)	$	(29	)	$	3,797		$	3,634

Statements of Cash Flows

	Years Ended December 31,
Statements of Cash Flows	2017			2016			2015
	(in thousands)
Cash flows from operating activities:
Net income (loss)	$	(29	)	$	3,797		$	3,634
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income (loss) of subsidiaries		1,383			(1,690	)		(1,109	)
Stock compensation expense		17			-			-
(Increase) decrease in other assets		(34	)		5			(5	)
Increase (decrease) in other liabilities		10			(7	)		15
Net cash provided by operating activities		1,347			2,105			2,535
Cash flows from investing activities:		-			-			-
Cash flows from financing activities:
Proceeds from sale of stock		1,107			46			-
Cash dividends paid on common stock		(2,198	)		(1,983	)		(1,686	)
Net cash used in financing activities		(1,091	)		(1,937	)		(1,686	)
Net increase in cash and cash equivalents		256			168			849
Cash and cash equivalents at beginning of year		2,366			2,198			1,349
Cash and cash equivalents at end of year	$	2,622		$	2,366		$	2,198
Supplemental schedule of noncash transactions:
Unrealized gain (loss) on securities available-for-sale	$	33		$	64			(1	)